Magic Tree to open
A ceremonial ribbon- cutting will take place at 7463 South Ave. on Wednesday at 10 a.m. to formally open the Magic Tree Pub & Eatery.
The new restaurant, at the former location of the Youngstown Sports Grille, will feature “a unique menu of American infusion cuisine” with a wide variety of craft and domestic beers, wine and spirits.
Rick’s Hotdog Shoppe opening
A ribbon-cutting will take place Monday at 4777 Mahoning Ave. to formally open Rick’s Hotdog Shoppe.
The restaurant will be open Monday through Saturday from 7 a.m. to 7 p.m.
Free coffee will be served all day to celebrate the opening.
Home Savings’ sale of troubled assets
Documents filed with the Securities and Exchange Commission after Home Savings and Loan Co.’s bulk sale of $115 million in troubled assets last month shows that Navy Portfolio LLC made the purchase.
Home Savings received $77.4 million in cash, or 72.5 cents on the dollar for the troubled book balance prior to the sale, for the assets. Most were troubled acquisition and development loans such as real- estate foreclosures and underperforming construction loans.
Navy Portfolio, affiliated with Newport Beach, Calif.-based Sabal Financial Group, specializes in acquiring and servicing commercial real estate, acquisition, development and construction loans and mortgages.
Home Savings is expected to take a third-quarter loss of $29.4 million as a result of the sale.
Consumer credit up $18.1B in August
Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit-card debt.
Total consumer borrowing increased $18.1 billion in August compared with July, the Federal Reserve reported Friday. In July, consumer borrowing had fallen for the first time in nearly a year.
The rebound in August along with a separate report that showed the nation’s unemployment rate dropped to 7.8 percent in September were viewed as encouraging signs for an economy that has been struggling in recent months.
The August borrowing gains reflected a $4.2 billion increase in borrowing on credit cards and a $13.9 billion increase in auto and student loans.
American fixes seats on 42 of 48 planes
American Airlines says it has repaired 42 of 48 planes that were pulled aside and inspected because the seats could come loose.
The airline said Friday that all seat repairs on its Boeing 757 airplanes should be done by today.
American canceled 44 flights Friday after it scrapped 50 flights Thursday because of the seat problem. It said no flights had been canceled for today.
Vindicator staff/wire reports